P772 - PROGRAMME ON MANAGING
TURBULENT BUSINESS ENVIRONMENT (NON-LIFE)
The insurance industry landscape is
fast undergoing change. Today the industry boasts of 24 life insurance players
and 34 general insurance players. The industry landscape has undergone rapid
changes in less than two decades since liberalisation. The general
insurance industry is a highly competitive market with private players having
exceeded the market share of government owned players. The loss ratios of govt.
players are considerably higher than that of private players. The players
also carry a disproportionate share of the negative underwriting experience.
Many of the private players have merged and the some of the government players
are also slated to merge which will create its own set of issues around
different cultures, skill sets, approaches to technology etc. The market has
recently seen the entry of digital players like Digit Insurance and Acko that
are redefining the industry. Other private traditional private players are
adopting the norms and practices of these players.
The insurance marketplace is
characterised is incredibly complex and chaotic. The markets are now customer
led rather than seller driven or monopolistic. Data is becoming a key
organisational resource to gain competitive advantage. Fully digital offerings
from companies like Amazon, Flipkart, and Uber have totally changed the customer
expectations. Interestingly the rate of technological change is faster than the
capacity of people and systems to collaborate. Besides leading to governance
gaps, many managers experience a sense of disorientation or being overwhelmed.
Traditional insurers are struggling
with enormous complexity, plethora of regulations, products, customer segments,
risks, distribution channels, technologies etc. Insurers have also focussed more
on internal organisational efficiency metrics like market share, revenues, costs
etc. Customers are usually not concerned with these metrics. As a result,
insurers are generally not meeting new customer expectations.
To compete effectively in the changed
marketplace, senior leaders need to think differently, engage differently and
act differently. Every manager needs to become a change-agent by consistently
updating understanding of the changed environment, and build adaptive, cognitive
tools that enable them to perceive, contextualize, communicate, and act with new
levels of agility and depth. The programme seeks to provide approaches that
participants can use to identify outdated mind sets, new mind sets, factors
preventing change and how those can be overcome. The programme will share
practical approaches and techniques to initiate new conversations so as to lead
and manage change in their work units/organisations.
Objectives
By
the end of the two-day training course, the participants will have:
Ø
An appreciation of the nature of
numerous changes in the marketplace and their impact
Ø
The prevailing limiting beliefs/mind
sets and organisational practices that may not be suitable for the changed
marketplace
Ø
The new mind sets and organisational
practices that are required to survive and thrive in the changed marketplace
Ø
Identify factors that prevent change
Ø
Identify ways they can develop new
mind sets and help team members cope with change
Ø
Nature and characteristics of
turbulent business environment
Ø
Common mind sets and organisational
dysfunctions that prevent change
Ø
New mind sets and organisational
practices for market success as well as change management
Ø
Insights from Neuroscience and other
fields on change
Ø
Reasons people do not effectively
participate in organisational change
Ø
Lessons from change management
Participants’ Profile
Officers
in the Scale III, IV, V in the ROs, HO
Duration:
2 days
Dates: